Coca-Cola Co. andNestle SA are considering a $3 billion joint venture in the water business, according to Sanford C. Bernstein & Co. beverage analyst Bill Pecoriello, Dow Jones reports. Such a combination, Mr. Pecoriello said in a lengthy research report published Monday morning, would be similar to partnerships Coke has formed with Procter & Gamble Co.in the juice segment and Nestle in the coffee and tea business. Officials for Coke and Nestle were unavailable to comment. Under a 50-50 partnership, as Mr. Pecoriello suggests the deal would likely be, Swiss-based Nestle would bring between $2 billion and $2.5 billion in sales from well-known brands such as Perrier, Vittel and San Pellegrino. Coke, which makes Dasani in the U.S. and Ciel and Bonaqua overseas, would contribute roughly 300 million cases, $600 million in sales and a highly efficient global distribution system.